The average rent just in Manhattan hit an all-time high at a staggering $5,651 per month in October - up 9.4% year-over-year. Meanwhile, rental inventory is down 6.9% from last year. It is not determined if those rents are for studio/one/two bdrm apts. In Manhattan, inventory is down for the 19th consecutive month.
“Salaries are not rising as fast as rents are,” Miller said. “At some point the affordability becomes completely unmanageable for most residents. We’re not there yet and I suspect we’re probably a few years away from that. But that’s the trajectory at the moment.”
Against this backdrop, Mamdani surged in the polls. He promised to freeze rents in roughly a million stabilized apartments and borrow $70 billion to build 200,000 permanently affordable units over the next decade.
Where have you heard this before? It's not altruism - it's communism in it's simplest form. The Government has no place in building housing. Whenever and wherever they try to do it, it becomes a quagmire of crime, corruption and illegal activities, both before and after the fact.
Oh - and if he freezes the rents, how will the landlords respond? They'll leave vacant apartments vacant rather than rent them at a loss. Juss' so ya know...
Sounds like a return to The Projects....
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